How Important is Long-Term Care Insurance for Retirees?

Those who are about to retire know and worry about the fact that at some point, they will need medical care, probably for an extended period. This could be in the form of home-based care or being cared for at a medical center, but either way, the expenses associated with medical and health care are enormous.

Ideally, you will need to start planning how to take care of these future costs while you’re still young, healthy and earning a regular income.

Here are some facts about long term care that anybody who is planning their retirement, or about to retire, needs to take into consideration:

  • 7 out of 10 individuals who are above the age of 65 will, at some point during their lifetime, need long term care.
  • In the case of a married couple, the odds increase to 9 out of 10 that one of them will need long term care eventually.

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